According to McKinsey Global Institute companies that are data-driven are 23 times more apt to attract customers and six times more likely to keep them and 19 times prone to make money. This level of success makes it clear that harnessing data has become a key strategic goal for many companies. To transform into a data-driven business you must change your culture, change your work habits and think, and invest in technology. This takes the right team and leaders as well as an intention to manage change in a way that is effective.

How do you know if the business is on the right track to becoming an enterprise driven by data?

A data-driven enterprise is one that utilizes data for every function and process. This includes enhancing internal business operations as well as creating more engaging experiences for customers. It also involves making faster, better decisions, as well as identifying and reducing financial risks.

To become a data-driven business, your organization needs to adopt a holistic approach data that includes strategy, technology, governance as well as people. The most important factor is having a single source of truth. This can be achieved by eliminating data silos, creating high-performance data integration platforms that perform the unified tracking of meta-data, and expanding access to data via self-service tools and learning journeys.

Adopting a data-driven culture helps your organization build confidence in the results of analytics. By creating an attitude of data literacy and talking about metrics often and early, your company will have greater confidence in its results and spot opportunities for improvement earlier.